PR No.

177/2014

Order in the matter of M/s. MVL Limited

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on December 19, 2014 under the Securities
and Exchange Board of India Act, 1992 read with Regulation 65 of the Securities and Exchange Board of India
(Collective Investment Scheme) Regulations, 1999 in the matter of M/s. MVL Limited. The following directions have
been passed:
a. MVL Limited and its directors viz., Mr. Prem Adip Rishi, Mr. Praveen Kumar, Mr. Rakesh Gupta, Mr. Vinod
Malik, Mr. Vinod Kumar Khurana, Mr. Vijay Kumar Sood and Ms. Kalpana Gupta shall abstain from collecting any
money from the investors or launch or carry out any Collective Investment Schemes including the schemes which
have been identified as a Collective Investment Scheme in this Order.
b. MVL Limited and its directors viz., Mr. Prem Adip Rishi, Mr. Praveen Kumar, Mr. Rakesh Gupta, Mr. Vinod
Malik, Mr. Vinod Kumar Khurana, Mr. Vijay Kumar Sood and Ms. Kalpana Gupta, shall wind up the existing
Collective Investment Schemes and refund the monies collected by the said company under the schemes with
returns which are due to its investors as per the terms of offer within a period of three months from the date of this
Order and thereafter, within a period of fifteen days, submit a winding up and repayment report to SEBI in
accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including the trail of funds claimed
to be refunded, bank account statements indicating refund to the investors and receipt from the investors
acknowledging such refunds.
c. MVL Limited and its directors viz., Mr. Prem Adip Rishi, Mr. Praveen Kumar, Mr. Rakesh Gupta, Mr. Vinod
Malik, Mr. Vinod Kumar Khurana, Mr. Vijay Kumar Sood and Ms. Kalpana Gupta, shall not alienate or dispose off or
sell any of the assets of MVL Limited except for the purpose of making refunds to its investors as directed above.
d. MVL Limited and its directors viz., Mr. Prem Adip Rishi, Mr. Praveen Kumar, Mr. Rakesh Gupta, Mr. Vinod
Malik, Mr. Vinod Kumar Khurana, Mr. Vijay Kumar Sood and Ms. Kalpana Gupta are also directed to immediately
submit the complete and detailed inventory of the assets owned by MVL Limited.
e. In the event of failure by MVL Limited and its directors viz., Mr. Prem Adip Rishi, Mr. Praveen Kumar, Mr.
Rakesh Gupta, Mr. Vinod Malik, Mr. Vinod Kumar Khurana, Mr. Vijay Kumar Sood and Ms. Kalpana Gupta, to
comply with the above directions contained in sub-paragraphs (a) to (d) above, the following actions shall follow:
i.
MVL Limited and its directors viz., Mr. Prem Adip Rishi, Mr. Praveen Kumar, Mr. Rakesh Gupta, Mr.
Vinod Malik, Mr. Vinod Kumar Khurana, Mr. Vijay Kumar Sood and Ms. Kalpana Gupta, shall remain restrained from
accessing the securities market and prohibited from buying, selling or otherwise dealing in securities market, till all
the Collective Investment Schemes of MVL Limited are wound up and all the monies mobilized through such
schemes are refunded to its investors with returns which are due to them.
ii.
SEBI would make a reference to the State Government/ Local Police to register a civil/ criminal case
against MVL Limited, its promoters, directors and its managers/ persons in-charge of the business and its schemes,
for offences of fraud, cheating, criminal breach of trust and misappropriation of public funds; and
Brought to you by http://StockViz.biz

page: 1

[ www.sebi.gov.in ]

iii.
SEBI would make a reference to the Ministry of Corporate Affairs, to initiate the process of winding
up of the company, MVL Limited.
iv.
SEBI shall also initiate attachment and recovery proceedings under the SEBI Act and rules and
regulations framed thereunder.

f. Without prejudice to the above, MVL Limited and its directors viz., Mr. Prem Adip Rishi, Mr. Praveen Kumar, Mr.
Rakesh Gupta, Mr. Vinod Malik, Mr. Vinod Kumar Khurana, Mr. Vijay Kumar Sood and Ms. Kalpana Gupta are
restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in
securities market for a period of four (4) years.
This order shall come into force with immediate effect.
Further, for the contraventions as found in this Order and the contravention of Regulation 4(2)(t) of the SEBI
(Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003, SEBI may
examine whether to initiate appropriate proceedings under Sections 11(4) and 11B of the SEBI Act read with
Regulation 65(e) of the CIS Regulations and Chapter VI A of the SEBI Act against MVL Limited and its directors
viz., Mr. Prem Adip Rishi, Mr. Praveen Kumar, Mr. Rakesh Gupta, Mr. Vinod Malik, Mr. Vinod Kumar Khurana, Mr.
Vijay Kumar Sood and Ms. Kalpana Gupta.
The full text of the order is available on the website: www.sebi.gov.in

Mumbai
December 22, 2014

Brought to you by http://StockViz.biz

page: 2

[ www.sebi.gov.in ]